U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-03-2012, 03:06 PM
NCN
 
Location: NC/SC Border Patrol
21,139 posts, read 22,924,768 times
Reputation: 23294

Advertisements

No regrets yet. At 62 you lost about 1/4 of your maximum on SS. I am part of the state retirement system too. The state retirement is affected by the SS retirement in a negative way if the SS amount is too high. I hardly lost any state retirement because of my SS amount and also left an equal amount to my DH. The funny thing about this is that I did it right to receive the maximum I could just by doing what I wanted to and was not trying to capitalize on it.

I did figure out how much SS I would receive and when the crossover would be. My mother lived to be 85. Only if I pass that milestone will I be missing any income according to my calculations. With what is going on now, I am doubly glad I started early.

When you are thinking about this there is something to consider. If you do not need SS until you are at the maximum age and are not working at this time, you could save all the SS checks and one would wonder if the amount you have to invest would bring you more than 1/4 of your SS amount. My sister worked for years and than died shortly after she started collecting SS. She died at 68. You might want to look at your family history to see how likely you are to live a really long life. So far not one of my siblings have lived past 70. I have a brother that is about to but he waited as long as possible before collecting.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 12-03-2012, 04:31 PM
 
Location: Lexington, SC
4,281 posts, read 11,354,592 times
Reputation: 3737
Quote:
Originally Posted by Bette View Post
She is a hairdresser and still working. She took SS at 62 and gets around $818.00. She does regret that now, though, since she is 70 and would have been collecting around $1381 had she waited.

She works 3 days a week.
In this case say she collected $818 per month ($9,816 per year) starting at 62 and as she is now 70 s, she has collected $78,528 in the past 8 years

If she had waited to age 65 (more then likely 65 and some months but that aside) to collect $1381 she would have collected $82,860 in the past 5 years. Also remember that had she opted to wait, she would have collected nothing from age 62 to age 65.

The question is, is the present $563 difference per month ($6,756 per year) all that is keeping her from not having to work?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-03-2012, 08:04 PM
 
Location: SW MO
23,599 posts, read 33,113,248 times
Reputation: 29160
Quote:
Originally Posted by accufitgolf View Post
In this case say she collected $818 per month ($9,816 per year) starting at 62 and as she is now 70 s, she has collected $78,528 in the past 8 years

If she had waited to age 65 (more then likely 65 and some months but that aside) to collect $1381 she would have collected $82,860 in the past 5 years. Also remember that had she opted to wait, she would have collected nothing from age 62 to age 65.

The question is, is the present $563 difference per month ($6,756 per year) all that is keeping her from not having to work?
And here we go again! At issue, does she have any regrets?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-03-2012, 08:52 PM
 
Location: Planet Eaarth
8,955 posts, read 18,597,847 times
Reputation: 7193
Quote:
Originally Posted by UR1972 View Post
I am going back and forth about filing for early Social Security benefits at age 63. I would like to stop working but could work longer because no one is forcing me to retire, and hubby plans to work until 66 or 67. Have any of you filed for reduced benefits before 65 or 66 and regretted it several years later?
One of the least understood cost is "the cost of working" that covers everything from your lunch to your life.

I'll take my life and free time over more stinking paychecks that it turned out I didn't really need after all.

Ten years retired and I , except with one very special job, haven't work another day in my life!

I'm loving it!

My advice....
Haven't you had enough of trading your life for money?? Go at 62...........
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-03-2012, 11:59 PM
 
16,434 posts, read 20,030,597 times
Reputation: 9564
Quote:
Originally Posted by lenora View Post
Oh, gosh. I hope you did not think I was chastising you for not thinking this through carefully. I'm sorry if the SSA reps did not give you accurate information. If increasing your wife's survivor benefit is still your primary goal, perhaps you should consider whether it is feasible to suspend your benefits.
Retirement Planner: Suspending Retirement Benefit Payments
I was actually chastiseing myself for accepting what I was told by SS at face value when making such an important decison. My absolute top priority was providing as well as possible for my wife, and I have apparently failed at that through ignorance. Oh well, I am still working, and my SS benefit is increasing through that by small ammounts each year. It's too late to suspend benefits unfortunately. Thanks for the info; it's better not to continue believing falsehoods. I might have passed that bad info on to someone else who might make the same wrong decision. Thanks.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-04-2012, 02:56 AM
 
83,700 posts, read 81,272,664 times
Reputation: 59656
i had started a thread a while ago about many of the new on line services that will do work ups for you about your best options in taking ss.

the work ups can be simple or complex depending on the level you want to pay for.

some commented that they thought ss was so simple no such services were needed , you could just ask the ss office for free they said. but they are very wrong and your an example of why.

its only simple when your ignorant of all the options or dont forward think as to tax ramafications, wep, rmd's and spouses.

deciding when and how to take it can be one of the biggest financial decisions in your life.

blowing it by failing to manipulate spousal benefits can leave over 100k on the table .

its a far more complex system then "when do i break even "


for those confused about when to take social security
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-04-2012, 05:01 AM
 
Location: Saudi Arabia
376 posts, read 583,278 times
Reputation: 223
Quote:
Originally Posted by mathjak107 View Post
the smallest decision is about break even. why? because dead is dead. the only time you should be concerned about break even is perhaps if your single .

otherwise odds are if you are married one of you is going well past break even and the question becomes what if i live.


if you are so afraid of being cheated if you die go buy a life insurance policy. thats a product for what if i die.

social security is a product that should be planned around the question what if i or my spouse live?

there are a whole lot of other important decisions besides break even ,especially if you are married.

if your married there are a number of issues. you have to worry about survivorship benefits, what if one of you lives longer then expected, tax ramifications , the new wealth tax, manipulating the spousal benefits can add over 100k to your payments, how larger payments later on will interact with your rmd's.

the list goes on and on.

i can tell you anytime i see a bunch of people commenting they took it early and their only reason was what if i die i know odds are they have little knowledge of how the system works.

like i said singles dont have as much to be concerned about but those that are married have to fully understand the system and what it means to their spouse and the options open to them to increase income while letting their own grow..

then you can make an informed decision about whats best ..
Okay here is my question. Both my wife and I have worked to receive maximum SS benefits. If I die before my wife, does she take any survivor benefits? Same goes in case my wife dies before me, do I take any survivor benefits?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-04-2012, 06:19 AM
 
Location: SW MO
23,599 posts, read 33,113,248 times
Reputation: 29160
Quote:
Originally Posted by Tall Tiger View Post
Okay here is my question. Both my wife and I have worked to receive maximum SS benefits. If I die before my wife, does she take any survivor benefits? Same goes in case my wife dies before me, do I take any survivor benefits?
If one of you received significantly more of an "award" than the other, upon that person's death. The survivor will receive their own Social Security amount increased by the difference between that and the other's amount. Under the circumstances, you described, with both of you receiving maximum benefits, it's doubtful that there would be any significant survivor benefits.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-04-2012, 06:55 AM
 
30,971 posts, read 36,823,057 times
Reputation: 13229
Quote:
Originally Posted by Tall Tiger View Post
Okay here is my question. Both my wife and I have worked to receive maximum SS benefits. If I die before my wife, does she take any survivor benefits? Same goes in case my wife dies before me, do I take any survivor benefits?
Might be helpful if you clarified maximum benefits. Is that having waited until age 70, is it having had high enough income to maximize to the benefit at any age point? Is it making sure you have the full 35 years in and continuing to work beyond that to replace earlier lower income years with more current higher income years? This is why in many cases seeking the assistance of an accountant or using a program as MathJak mentions can help many to not regret their decision what ever it is.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-04-2012, 10:55 AM
 
1,082 posts, read 2,511,257 times
Reputation: 549
What about a younger person, say in their mid 50's? With what we know about potential cuts to the Social Security system coming out of Washington, would you think it best to collect as early as possible (age 62) or let it ride until later?

My gut says to start collecting as soon as possible (I still have a good 7 years or so), because if someone my age waits, it may not be around or will be much reduced. What do you think?
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top